Account concerning United States public debt
Milligan, James; Nourse, Joseph, 1754-1841
July 16,
1782
Volume 16, Pages 354-355
AN ESTIMATE of the Monies Loaned to the United States at Certain Periods and Reduced to Specie Value by Tables of Depreciation, also of the Debts on the Funded Books and Certain Credits to Individuals Ordered by Congress on Interest to be Passed in the Treasury Books with a Calculation of Interest for one Year on the Whole Debt.
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LOANED. |
Nominal Dollars. |
Amount Bearing Interest on France. |
Value in Specie. |
Amount of one Year’s Interest. |
|
Loaned from the several offices until the 1st September, 1777 |
3,778,900 |
|
|
|
3,778,900 |
|
226.734 |
|
Loaned from the 1st September, 1777, to the 1st March, 1778 |
3,426,600 |
|
|
|
2,515,134 |
56 |
150,908 |
9 |
Loaned from the 1st September, 1777, to the 1st March, 1778, suppositious sums in the State of Georgia |
32,600 |
|
7,238,100 |
|
23,436 |
43 |
1,406 |
17 |
Loaned from the 1st March, 1778, to the 1st April, 1780 |
41,429,612 |
|
|
|
4,521,186 |
21 |
271,271 |
15 |
Loaned from the 1st March, 1778, to the 1st April. 1780, suppositious sums in the States of North Carolina, South Carolina and Georgia |
3,435,800 |
|
|
|
259,916 |
5 |
15,594 |
86 |
Loaned from the first of 1780 to the dates of the last returns |
11,240,500 |
|
|
|
281,212 |
45 |
16,872 |
67 |
Loaned from the 1st of 1780, suppositious sums in the States above mentioned |
2,305,000 |
|
|
|
57,625 |
|
3,457 |
45 |
Certificates of Specie Value issued pursuant to orders of Congress for depreciation on pay, etc., to Hazens, Armands, Van Heirs, their respective Corps, and in discharged of the debts due by the United States |
|
|
|
|
153,728 |
23 |
9,223 |
62 |
Lottery Certificates issued for Prizes in the First Class drawing Interest from 27th May, 1778 |
46,000 |
|
|
|
17,780 |
82 |
1,066 |
76 |
Lottery Certificates issued for Prizes in the Second Class drawing Interest from 29th January, 1779 |
60,500 |
|
|
|
4,123 |
20 |
247 |
35 |
Lottery Certificates issued for Prizes in the Third Class drawing Interest from 29th April, 1780 |
176,500 |
|
|
|
4,412 |
45 |
264 |
60 |
Fourth Class—Mr. Joseph Bullock, one of the Managers of the Lottery, estimates two-fifths of the Prizes drawn in the Fourth Class to be the property of individuals—the Prizes drawn amount to 5,000,000, and of the said two-fifths there may be issued in certificates to the amount of |
1,480,000 |
|
|
|
37,000 |
|
2,220 |
|
And the residue payable in Cash for Prizes of Fifty Dollars each |
520,000 |
|
|
|
13,000 |
|
780 |
|
Bills drawn by Major General Lincoln and accepted by the Board of Treasury pursuant to the orders of Congress and their Value in Specie ascertained by the late Auditor General pursuant to Act of Congress of the 23rd July, 1781, remaining unpaid |
3,065,838 |
60 |
|
|
60,275 |
72 |
3,616 |
49 |
(Continued)
-------------------- page 355
--------------------
FUNDED DEBT.—There Have Been Funded and Passed to the Credit of Individuals Pursuant to Warrants From the Superintendent of Finance.
(Brought Forward.)
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|
|
|
|
Nominal Dollars. |
Amount Bearing Interest on France. |
Value in Specie. |
Amount of one Year’s Interest. |
The following Sums are passed to the Credit of individuals in the Treasury Books pursuant to the orders of Congress: |
|
|
|
|
|
|
|
|
|
|
|
Amount of First Credit 507,641 Livers Martinique at 8¼ |
|
61,532.22 |
|
|
|
|
|
|
|
|
|
Amount of Second Credit 110,324 at 8¼ |
|
13,372 60 |
|
|
|
|
|
|
|
|
|
|
|
74,904,82 |
|
|
|
|
|
|
|
|
|
William Birmingham—deduct his debt |
|
31,000 00 |
43,904.82 |
|
|
|
|
|
|
|
|
Sterling |
19,445,11 11 |
|
|
|
|
|
|
|
|
|
|
Deduct his debt |
9,531.10. 9 |
|
|
|
|
|
|
|
|
|
|
|
9,914 1. 2 |
|
|
|
|
|
|
|
|
|
|
John Ross |
|
|
44,904.82 |
|
|
|
|
|
|
|
|
Stephen Ceronio |
|
|
6,745.45 |
|
|
|
|
|
|
|
|
Oliver Pollock |
|
|
59,255.78 |
|
|
|
|
|
|
|
|
Moses Hazen |
|
|
13,386.02 |
|
|
|
|
|
|
|
|
Arthur Lee |
|
|
7,150.54 |
|
|
|
|
|
|
|
|
Major General Sullivan |
|
|
1,500.00 |
|
|
|
|
176,005 |
44 |
10,560 |
29 |
|
|
|
|
71,005,850 |
60 |
7,238,100 |
|
12,170,609 |
60 |
730,236 |
50 |
The above estimates of Monies loaned on Certificates issued from the several Loan Offices is formed from the returns and other papers rendered to the Treasury by ascertaining the amount of Continental Money loaned each month and reducing the same to Specie on the 15th by the averaged Depreciation. If the Loan Officers that have transmitted their Registers have been accurate with respect to the daily issues of Certificates, and the time from which they respectively draw Interest, the Loan Office Debt of those States may be ascertained with some degree of precision, but this being a work of time, the above mode has been adopted as the most accurate and expeditious to answer the present purpose. The Register’s of Certificates issued in the States of New York, Delaware, Virginia, North Carolina, South Carolina and Georgia have not yet been transmitted. Certificates have in so many instances been antedated by the Loan Officer by Virtue of Sundry Acts of Congress authorizing their drawing Interest from the time Monies were Deposited or Debts Contracted that a careful examination of the Checks accounts made out therefrom, and Calculation of the Value of every daily Loan appears the only mode to arrive at absolute certainty. I beg leave to remark that the foregoing observation is made on a view of the Registers already transmitted. The Loan by Lottery is more accurate as the Certificates issued for payment of the prizes in the First, Second and Third Classes draw Interest from certain Periods. The estimate of the Fourth is made by Mr. Joseph Bullock, one of the Managers. The Funded Debt and Credits to Individuals is taken from the Books.
JAMES MILLIGAN, Esquire,
Comptroller of the Treasury.
JOSEPH MOURSE, Register.
Register’s Office, 16th July, 1782.
